Have you tried applying for a different credit card that offers 0% for balance transfers? Post Office and Sainbury's Bank both offer a 0% balance transfer deal for 6 months and 5 months respectively with no balance transfer fee to pay. After 6 months, the rate goes up to between 13.9 and 15.9% for the Post Office cards depending on which one you apply for (Platinum, Gold or Classic). During the first 6 months I would advise you to repay as much as you can afford and then switch to another 0% balance transfer card.

Have you considered an Egg card? They will allow you to balance transfer to a current account/overdraft balance, and are also offering 0% for up to 6 months on balance transfers. Beware here though as they also charge you a 2.5% balance transfer fee. After the 6 months however the rate goes up to 15.9% which is better than the 23% Morgan Stanley have quoted you.

Hi,

I want to pay off my overdraft as the interest is crippling me. I am going on maternity leave in November and as such will only be having a small amount of money to cover my usual bills for approx 6 months when i intend on going back to work.

I wanted to tranfer my overdraft to my Morgan stanley credit card as a balance transfer and pay the minimum amount until I get back to work, but they said the interest rate after 5 months will go upto 23%, which in my opnion is too high.

I am also moving house at the moment and don't want to jeopardise my mortgage application.

My overdraft is £4000 and I'm paying roughly £70.00 per month in interest and charges.

Any ideas?

Thanks